Pace, FL USDA Eligibility

USDA Eligibility Guide

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Pace, FL USDA Loan Eligibility Guide

A USDA (United States Department of Agriculture) mortgage, also known as a Pace, FL USDA Rural Development Loan, is designed to assist low-to-moderate-income households in purchasing homes in eligible rural and some suburban areas. Here are the general eligibility requirements:

1. Property Eligibility:

    • The home must be located in a USDA-eligible rural or suburban area around Pace, FL. The USDA provides an online tool to help potential borrowers determine if a specific property is in an eligible area.
    • The property must be used as the borrower’s primary residence.
    • The home must meet all local codes and program regulations.

2. Applicant/Household Eligibility:

    • U.S. citizenship or permanent residency is required.
    • The borrower must be unable to obtain a loan from other resources on terms and conditions that can reasonably be expected to meet.
    • The applicant must have a stable and dependable income, typically verified by two years of consistent employment. The income must also be sufficient to cover the mortgage payment, including taxes and insurance.
    • The household’s adjusted income must be at or below the applicable low-to-moderate income limit for the area.
    • A reasonable credit history. While a specific credit score is not mandated, a credit score of 640 or higher is typically required for streamlined processing. However, those with lower scores may still be eligible but may undergo a more stringent evaluation.

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    3. Income Limits:

    • Income limits vary by county and household size. You’ll need to check with our Pace, FL USDA service center or the USDA’s online tools to see specific limits.

    4. Loan and Debt Ratios:

    • Typically, a 29/41 ratio is followed. This means that 29% or less of your monthly income can go towards your mortgage (Principal, Interest, Taxes, and Insurance) and 41% or less of your monthly income can go towards your total debt (this includes the mortgage and other debt obligations). Exceptions can be made in certain circumstances.

    5. Other Requirements:

    • Borrowers must personally occupy the dwelling as their primary residence.
    • The borrower must be legally able to take on the loan obligation.
    • First-time homebuyers are required to take a homeowner counseling class in some situations.

    6. Loan Terms:

    • The loan term is typically 30 years.
    • No down payment is usually required.
    • The interest rate can be set by the lender but is subject to USDA review.

    7. Guarantee Fee and Annual Fee:

      • The USDA charges an upfront guarantee fee, which can be rolled into the loan amount.
      • There’s also an annual fee, which is a percentage of the remaining principal amount, typically spread out in monthly installments.

    It’s crucial to remember that while these are the general requirements for Pace USDA mortgages, eligibility details can change. It’s always a good idea to consult with one of our Pace, FL USDA home loan professionals. Get pre-approved with our easy and stress free Pace, FL USDA home mortgage today.

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    More About Pace, Florida

    Pace is an unincorporated community in Santa Rosa County, Florida. It is the second largest community in Santa Rosa County, and is a part of the Pensacola Metropolitan Statistical Area. Pace has experienced exponential growth, and has evolved from a small, rural community to a thriving bedroom community of Pensacola with growing residential and commercial options. As of the 2020 United States census, the population was 24,684. From 2000 to 2010, the Pace CDP population growth percentage was 171.1%, and from 2010 to 2020, the population growth percentage was 22.8%.

    Pace is located in the Western Florida Panhandle, just north of Escambia Bay in Santa Rosa County. Pace comprises the 32571 ZIP code, and is located northeast of Pensacola, and west of Milton. Pace is located approximately 25 minutes driving distance away from Downtown Pensacola. According to the United States Census Bureau, Pace has a total area of 9.4 square miles (24 km2), all land.

    Pace was first recognized in the 1912 United States Census. It was located just north of the Floridatown. Pace is named after James G. Pace, who owned large lumber, paper and turpentine productions that operated in the Pace area. On March 12, 1919, Black veteran Bud Johnson was lynched as part of the Red Summer of 1919. Throughout the 20th century, Pace remained a small, rural community. However, beginning in 1980, Pace began to experience rapid growth and began to evolve from a small, rural community to a fast-growing bedroom community of Pensacola. Commercial growth has also been strong: chain restaurants, chain retailers, and Big-box retailers such as Dick’s Sporting Goods, Walmart, and Target have moved into the Pace area. Floridatown and Pea Ridge are now considered to be neighborhoods within Pace. Pace continues to experience strong population growth, and the growth trend is expected to continue despite remaining an unincorporated community.

    Schools in Pace are administered by the Santa Rosa County School District. Schools in the Pace area perform well, with all schools receiving an A or B rating according to the Florida Department of Education.

    Based on the 2020 census there were 24,684 people, and 8,152 households in the CDP. The population density was 1,018.74 inhabitants per square mile (393.34/km2). The racial makeup of the CDP was 87.70% White, 3.90% African American, 0.3% Native American, 2.10% Asian, and 4.8% from two or more races. The average household size was 2.8.